Report fake currency notes details daily, RBI tells banks

Mumbai, Dec. 12 -- In a bid to check the presence of counterfeit currency, the Reserve Bank of India (RBI) has asked banks to report fake notes detected from the old currency notes collected on a daily basis.
An RBI notification on Monday said banks have to submit branch-wise data on these fake notes received between 10 November and 30 December.
This move is in tune with the demonetization efforts undertaken by the government and the central bank to remove fake notes in the system which had been used for terror funding and hoarding of black money.
According to RBI's latest figure, banks have collected about Rs11.55 trillion worth of deposits in the form of old currency notes till 6 December, R. Gandhi had said during the policy review last week.
RBI, which is responsible both for the quality and quantity of bank notes in circulation, had noted a rise in counterfeit notes over the years. According to its annual report, number of fake notes detected at branches and RBI offices increased to 632,000 pieces in 2015-16, of which the proportion of fake Rs100 and Rs1,000 notes rose during the same period.
Published by HT Syndication with permission from MINT.